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My son wants to sell his LA condo worth @ $750,000 to me for
My son wants to sell his LA condo worth @ $750,000 to me for $500,000. Is it true that neither of us will owe extra taxes because, though you are not technically allowed to gift someone more than $15,… read more
Rick
Rick
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My ex filed our son as a dependent this year. He only has
My ex filed our son as a dependent this year. He only has him roughly 52 nights of the year. I am trying to figure out how do I get the child tax credit … read more
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This is an elder care legal tax question: My mother is in
Good morning.. This is an elder care legal tax question: My mother is in assisted living. We sold her condo and have put the proceeds into an irrevocable trust in order to assure her eligibility for t… read more
emc011075
emc011075
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If I sell my condo to my son and gift him $10,000 out of the
If I sell my condo to my son and gift him $10,000 out of the sale for down payment will i have to pay taxes on it? If so, how much? I live in Virginia. … read more
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We wish to transfer a condo to our son. It was purchased in
We wish to transfer a condo to our son. It was purchased in 2011, he paid part of the downpayment, we paid cash and gave him a loan. To establish equitable ownership he has lived in the condo with his… read more
NelsonProTax
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In 2018 I gave my son stock valued at about $20,000. The
In 2018 I gave my son stock valued at about $20,000. The cost basis of the stock was $3,182. My son received a letter earlier this month from the IRS indicating he owed an additional $1,700 in tax bas… read more
Barbara
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I am selling an investment house that we purchased from a
I am selling an investment house that we purchased from a forclosed sale. the property required a lot of repair that was done by my son. He has receipts for all the materials and now wants to buy the … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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I gave my son a gift of $20,000 in 2017. What are the
I gave my son a gift of $20,000 in 2017. What are the consequences for me and him ? … read more
Brian Michels
Brian Michels
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I live in AZ and my son lives in San Francisco. What would
I live in AZ and my son lives in San Francisco. What would be the tax benefits/consequences if he and I purchase a condo in San Fran. I would be providing some of the money for the down payment and he… read more
Barbara
Barbara
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Thank you for your quick response. If I Quit Claim Deed a
Thank you for your quick response. If I Quit Claim Deed a condo that is in my name to my son, does he have to pay any taxes on this? And will it cause him to lose hie SSIDisability benefits? … read more
Matthew Breecher
Matthew Breecher
President
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My wife and I gave my son and his girlfriend $80,000 towards
My wife and I gave my son and his girlfriend $80,000 towards a down payment on a condo. I know we need to file a gift tax return but had a few questions. The check was made out to my son can we say we… read more
Lev
Lev
44,345 satisfied customers
Im trying to prepare for next years taxes, and I need a little
I'm trying to prepare for next year's taxes, and I need a little help. I recently bought a condo (in my name) for my dad. It was funded from a 401k loan, and re-financing my car (the car is also used … read more
DanielleCPA
DanielleCPA
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Last year my step son wanted to buy a house but could not get
Last year my step son wanted to buy a house but could not get approved for the mortgage. I offered to go on the mortgage with him to help him qualify but at the end of the day, the only way it would g… read more
Stephen G.
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I purchased a condo on Feb 22, 2010 for my primary residence.
I purchased a condo on Feb 22, 2010 for my primary residence. I paid cash. I did extensive repairs, replacing windows, water heater, the entire kitchen including appliances. The property is too small … read more
Gerri A Harrison CFP EA
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My son is a first-time home buyer. He is trying to finance
My son is a first-time home buyer. He is trying to finance a $320,000 purchase, 10 % down. I have agreed to loan him the money for the down payment. The mortgage broker is balking at that, saying I ne… read more
Ed Johnson
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Im in the state of Va. and I have a property worth
I'm in the state of Va. and I have a property worth approx. $280K that I would like to give to my son, What is the best way to do this? The property is a residence in the Richmond city limits, no mort… read more
Wendy Reed
Wendy Reed
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Hello-I am recently married and as a wedding gift my
Hello- I am recently married and as a wedding gift my wife's father is planning to give us one of his condo's (which he currently uses as a rental). The Condo was originally purchased around 4-5 years… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
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My brother gifted me 20,000 in equity when he sold his ...
My brother gifted me 20,000 in equity when he sold his house to me to use as down payment. Then at the end of the year can him and his wife gift split this amount. Would they owe any gift tax. Do they… read more
Jon Andrews
Jon Andrews
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